June 2015 figures for the retail industry show that m-commerce saw a 57 per cent increase on June 2014. Interestingly, sales on smartphones far outweighed those on tablets, reporting a growth rate between January and June 2015 of over double that of tablet devices .
Additionally, Experian research has highlighted the lack of fraud protection on individuals’ mobile devices. A survey of 2,000 people showed that one in 12 (8 per cent) thought they were protected by the organisation they had transacted with .
These figures highlight the urgency for retailers to help safeguard their customers when making purchases on mobile devices, as well as better protecting their business from losses associated with identity fraud.
With the mobile commerce revolution clearly gaining traction, how can retailers ensure they protect their customers and business from ID fraud?
Gaining insight into the devices customers are using to make purchases can provide a level of confidence and trust in their identities. This can be of particular help for transactions made on mobile devices, such as smartphones and tablets.
Using Device Intelligence, identifies what device a customer is using every time they log in to an e-commerce site. Inconsistencies in devices are flagged in real-time, highlighting potential fraudulent activity so further investigation can be taken where needed.
But not just this; Device Intelligence is an excellent way to gain insight about customers without lengthening their journey from basket to check-out. Reduced drop-off rates and more customers returning to make multiple purchases is likely to increase with such a swift and efficient purchase process. This is surely a win-win in such as competitive market as the retail sector.
The Changing Face of Identity Fraud for Retailers…
As m-commerce grows so to have the ways fraudsters target the retail industry. Download our info-graphic to find out more. [Link to PDF info-graphic for changing face of ID fraud for retail]
Need more information on Experian’s Identity and Fraud Solutions? Visit our website for further details.